Getting a personal loan online can be a new situation for many borrowers. Unlike loans at a banking institution, payment terms, rates and fees can vary greatly from one lender to another. To help you have a smooth borrowing experience, we went to meet with agents at several micro-lending companies to get their perspective.
Today, we asked an experienced loan officer at ABC Loan for her advice. Here are some of the tips Roxanne gave us.
1.We are all human.
We understand that financial discussions can be tricky! Every client comes with their own set of circumstances and we want to help you through them. Politeness and kindness are your best assets when communicating with us! In many situations, we have options for you; deferred payments, reduced amounts, etc. Be patient and let us guide you.
2.Understand your modification deadlines
The unexpected happens! However, you must understand that some changes can only be made at the last minute. To change the date of a payment or to reduce the amount, you must contact us 72 hours (OPEN) BEFORE the scheduled payment date. After this time, the banking institutions are not fast enough to stop the debits.
3.Read your contracts carefully
It may seem obvious, but it is very important to read and understand your contracts! All the details of your loan and its repayment are written in them. Knowing your commitments will help you meet your deadlines and avoid additional costs.
4.Make an agreement, avoid additional costs
When you find that you will not have sufficient funds for your next payment; it is more beneficial for you to call us to make a payment arrangement than to pay a bank fee. Within reason, we can move a payment to the end of your schedule, or split it up to add it to subsequent payments.
5.Be forward thinking
Surveillez vos dépenses de près lorsque les dates prévues de vos paiements approchent. Mieux encore; programmez des virements automatiques afin de vous assurer que les fonds seront disponibles au bon moment.
6.Be realistic with your finances
While it can sometimes be tempting to get a larger loan amount, keep in mind that quick online loans are mainly intended to get you out of a jam when no other form of financing is available. Be sure to assess how much you really need; borrowing a larger amount could result in higher payments that can become a liability. We want to help you, not become another problem for your finances.
7.Notify us when your information changes
Many frustrations can be avoided by contacting us to notify us when a change occurs in your file. Let us know if your contact information changes, your email address, physical address or phone number should be kept up to date so that we don’t lose touch with you. This prevents us from having to contact your references or your employer to reach you.
It is also very important to notify us if you have any changes in your bank accounts. If you change banks, or close your account where the debits are made, without informing us, we risk making the debit in the closed account; which will result in bank fees that are easily avoidable.
Beware of fraudsters! Criminals often pose as loan companies in order to exploit less sophisticated customers. Do not hesitate to contact us if you have any doubts about a communication received in our name. We will be able to tell you if the message came from us.
The key to having an easy and enjoyable online borrowing experience is definitely to take the time to understand your contract! Listen carefully to the agents, they have options to help you manage your loan repayment. Not to mention, in a loan application as in life in general, courtesy begets courtesy! With the right plan, paying off your loan will be a breeze.